SpaceX has seen investor demand for its upcoming initial public offering climb to 250 billion dollars, driven by corporate positioning around a projected 23 trillion to 28.5 trillion dollar space-based artificial intelligence market. The capital influx comes as the aerospace firm pitches orbital solar-powered data centers to bypass severe terrestrial power grid constraints and compute limitations.
The institutional order book means the offering is now nearly four times oversubscribed against its initial target. The company plans to sell 555.6 million shares priced at 135 dollars each, aiming to establish a public market value of roughly 1.77 trillion dollars when trading begins on June 12 under the ticker symbol SPCX.
Listing Terms and Market Capitalization
SpaceX President Gwynne Shotwell and CFO Bret Johnsen are managing the final stages of the capital raise. The executives recently presented the financial structure to approximately 300 institutional allocators during a Morgan Stanley marketing event. The final valuation is poised to alter global wealth rankings, positioning Elon Musk to become the first verified trillionaire in history due to his 42 percent ownership of the company’s common stock.
The offering introduces strict regulatory restrictions for the company’s leadership. Musk is bound by an unusually long 366-day post-IPO lockup period that prevents him from liquidating any portion of his equity holdings for a full year. The measure aims to reassure public markets of leadership stability following the company’s 250 billion dollar acquisition of xAI.
Institutional Skepticism and Moat Analysis
While institutional order books show high demand, some market research firms urge caution regarding the structural valuation. Equity research firm Morningstar initiated coverage with an alternative valuation of 780 billion dollars, which sits 48 percent below the target public listing price. Analysts cited concerns over the economic durability of the newly integrated artificial intelligence unit.
The institutional data shows a stark division between private market momentum and traditional corporate valuation models. Bankers are finalizing the share allocations ahead of the formal market opening on Friday.
The Implications of Morningstar’s Deep Valuation Discount
The 48 percent valuation gap between institutional demand and independent equity research highlights a fundamental disagreement over how to appraise orbital infrastructure. Traditional models struggle to price experimental assets like space-based data centers, where operational track records do not yet exist. This listing will test whether public markets will value SpaceX as an asset-heavy aerospace contractor or a high-margin technology platform.